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how will it affect the upcoming talks with john boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture of the white house. we are waiting for the ceos to start tricking out of the white house. they are in a meeting right now with president obama talking about the fiscal cliff, talking about ways to get the deficit and debt situation in this country in order. as soon as those ceos start coming out, they include the ceo of honeywell, ibm, a number of ceos in industrial businesses. of course, the only financial services representation there is american express. no other bank was invited to this meeting. as soon as these guys and gals start walking out, we'll bring you some interview
how will it affect the upcoming talks with john boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture...
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Nov 9, 2012
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first was john boehner today, who with drew a line not against additional tax revenue but only against the idea of raising top rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know 700 no,000 jobs would b destroyed. we also know it would slow down our economy. >> and by the same token, president obama came out in the east room, and the line he drew was not in favor of higher -- insisting on higher tax rates, it's that we need more tax revenue from people at the top. >> i'm not whetted to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges. but i refuse to accept any approach that isn't balanced. >> so the keyword for the president is balanced. but more than one way to get there. maria, just before i came on air, got a statement from the bipartisan policy center in washington, which has been urging the two sides to come together on a simpson-bowles type solution. they said they were encouraged that both president obama and speake
first was john boehner today, who with drew a line not against additional tax revenue but only against the idea of raising top rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know 700 no,000 jobs would b destroyed. we also know it would slow down our economy. >> and by the same token, president obama came out in the east room, and the line he drew was not in favor of higher -- insisting on...
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Nov 8, 2012
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i heard john boehner talk about that earlier today. certainly the president has consistently stressed that point. look, i feel like there is a pinprick of light here, and i know we can argue about how get there, whether it's broader base, higher rates, and clearly the president is on a different side than you guys. but that ought to be something we can sit down at the table and hammer out. >> steve moore, let me go to you on this. first of all, get your take on what president obama said. very interesting he said that. second of all you've got speaker john boehner being very conciliatory. but third of all, steve, i still don't hear anybody talking about cutting spending. i never hear about spending cuts. what's your take? >> i like the idea of the fiscal cliff. i think we should do the sequester. but i think the failure of barack obama's first term was that he tried to do everything with only democratic votes. you know, he tried to pass the -- he passed the stimulus with only democratic votes, the big health care bill with democratic vo
i heard john boehner talk about that earlier today. certainly the president has consistently stressed that point. look, i feel like there is a pinprick of light here, and i know we can argue about how get there, whether it's broader base, higher rates, and clearly the president is on a different side than you guys. but that ought to be something we can sit down at the table and hammer out. >> steve moore, let me go to you on this. first of all, get your take on what president obama said....
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Nov 9, 2012
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to listen to the remarks earlier today of john boehner. this is sort of -- if it were a test question, it would be compare and contrast. let's listen to mr. boehner. >> the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know from ernst and young it would slow down our economy. >> he's saying the problem with raising tax rates. the minute you start to hear speaker boehner talking about raising taxes and not following it up with that word "rates," that means the deal is maybe getting a little further away. as long as he is talking about the problem being raising tax rates, i think you can see a path to a deal still here. >> john? >> i agree with that. i think that's exactly the point. that's why boehner said "rates," and it is why obama said "revenue." they're feeling their way toward a way to have a conversation, not easy. we've seen for the last two years it is not easy. but the climate is better now than it was before the election. >> all right. folks, thank you very
to listen to the remarks earlier today of john boehner. this is sort of -- if it were a test question, it would be compare and contrast. let's listen to mr. boehner. >> the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know from ernst and young it would slow down our economy. >> he's saying the problem with raising tax rates. the minute you start to hear speaker boehner talking about raising taxes and not...
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Nov 10, 2012
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today we heard from house speaker john boehner. take a listen. >> the purpose of fofrjing a bipartisan agreement that continues to solve the problem, we're willing to accept new revenue under the right conditions. >> just an hour later this is what president obama had to say. >> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. >> all right. do i hear the foundation for some fiscal cliff common ground? we're going to explore the politics of this. here now is matt miller, and steve malinga and tony fratto who is a former bush 42 white house press secretary. mr. press secretary, i want to go to you first. you look at this, it's sort of hard to understand, and it's a good victory for president obama and the democrats picked up seats in the house -- in the senate and the republicans are now in the house, but there seems to be this common ground compromise coming. politically, why do you suppose that is? >> well, look, because we have divided government, we are going have to have some agreement on
today we heard from house speaker john boehner. take a listen. >> the purpose of fofrjing a bipartisan agreement that continues to solve the problem, we're willing to accept new revenue under the right conditions. >> just an hour later this is what president obama had to say. >> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. >> all right. do i hear the foundation for some fiscal cliff common ground? we're going to explore the...
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Nov 14, 2012
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the president didn't offer any specific thing along the lines what have we heard from john boehner last week, okay, we're there on reven on the table, we'll meet you there. i didn't hear any specific -- >> don't we already have a structure? wasn't that erskine-bowles? it is another committee. >> it is a step back i think from the idea of a deal right now that would trade entitlement reform for tax increases. it sounds to me like it's tax increases for the wealthy in return for a commitment to discuss entitlement reform. >> what you did hear from the president is a statement that the american people knew what they were get what they re-elected me. he also said there is a big contrast between me and mitt romney on the campaign trail and i'm the guy who won the election. >> as one of our smart viewers tweeted in which i thought was so smart -- it's all fun and games until you have to name specific entitlements you want to cut. right? we need more specifics from both sides. all right, going to a break here but after the break, steve leisman, stick around. we also have something today called
the president didn't offer any specific thing along the lines what have we heard from john boehner last week, okay, we're there on reven on the table, we'll meet you there. i didn't hear any specific -- >> don't we already have a structure? wasn't that erskine-bowles? it is another committee. >> it is a step back i think from the idea of a deal right now that would trade entitlement reform for tax increases. it sounds to me like it's tax increases for the wealthy in return for a...
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Nov 8, 2012
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i've also found it interesting to hear john boehner and others talk about new revenues, increased r ed revenues. of course, they're talking about broadening the tax base, closing loopholes, closing tax expenditures. i think the president is absolute lie right to start where he ended with his campaign about the expiration of the high-end tax cuts. i would like diana and others who believe that to start specifying which loopholes they want to close. >> it's also important to look at the corporate sector. our corporate tax rate is 35%. the tax on worldwide income. the president and the republicans both say the corporate tax rate should be lowered. that can bring in a vast amount of revenue and business from elsewhere around the globe. >> it sounds like there's a big opportunity here to lower corporate taxes while broadening the base by taking out those loopholes. >> which ones? >> i don't know which ones. that's what i'm waiting to hear. >> exactly. >> i guess carried interest goes away, right? >> that's $15 billion over ten years. >> so we're looking at lowering the corporate tax rate an
i've also found it interesting to hear john boehner and others talk about new revenues, increased r ed revenues. of course, they're talking about broadening the tax base, closing loopholes, closing tax expenditures. i think the president is absolute lie right to start where he ended with his campaign about the expiration of the high-end tax cuts. i would like diana and others who believe that to start specifying which loopholes they want to close. >> it's also important to look at the...
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Nov 15, 2012
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gentlemen, we were just hearing about tax talk from the president and from john boehner. we've been talking a lot about tax rates. it seems that's dominating the conversation. what about spending? aren't we talking about a very small number in terms of revenue that you can actually get from the so-called wealthy, more than $250,000? in the overall scheme of things, is that going to move the needle on our debt? shouldn't we also be talking about spending cuts? >> we're talking about getting between between 80 and $100 billion a year, which is no small number from revenue with when you consider the fact we have a $1.1 trillion deficit, that's not going to solve our problem. we must also reduce spending if we're going to put our fiscal house in order. >> senator? >> people are always saying, what should we cut? what spending would you like to cut? they say waste, fraud, and abuse. all earmarks, foreign aid, nancy pelosi's aircraft, all compensation for congress. that's nothing. that's about 4% of where we are. you get spending cuts by going into the entitlements programs. th
gentlemen, we were just hearing about tax talk from the president and from john boehner. we've been talking a lot about tax rates. it seems that's dominating the conversation. what about spending? aren't we talking about a very small number in terms of revenue that you can actually get from the so-called wealthy, more than $250,000? in the overall scheme of things, is that going to move the needle on our debt? shouldn't we also be talking about spending cuts? >> we're talking about...
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Nov 16, 2012
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now, even john boehner and mitch mcconnell came out of that meeting in the white house and used the word revenue. it's on want table. they are acknowledging they will raise revenue. the only way i know to raise revenue is to raise taxes. i mean, does it sound to you like there's going to be a tax increase after all? >> no. if you remember, the comment that boehner and mitch mcconnell have made is they want revenue from economic growth. the best way to get revenue for the federal government is to grow the economy faster rather than slower. if you grow at 4% a year instead of 2% a year for one decade, the government raises $5 trillion. that is how you balance the budget. you cut spending, just as the republicans did in the last half of the 1990s. they cut the capital gains tax. we had more growth, and we slowed spending. that's what we need to focus on, not raising taxes on the american people and of course, obama's tax increases are there, but he hasn't put any spending restraint on the table. we look forward to seeing what he might be thinking of. >> mr. norquist, if you had to put money
now, even john boehner and mitch mcconnell came out of that meeting in the white house and used the word revenue. it's on want table. they are acknowledging they will raise revenue. the only way i know to raise revenue is to raise taxes. i mean, does it sound to you like there's going to be a tax increase after all? >> no. if you remember, the comment that boehner and mitch mcconnell have made is they want revenue from economic growth. the best way to get revenue for the federal...
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Nov 9, 2012
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john boehner coming out saying we are ready for you, mr. president, to lead us. the president saying i'm reaching across the aisle. and here he is today being adamant once again, i'm going to veto any legislation that does extend the cuts for anybody making more than 250 or $200,000. >> yeah, about a 72-hour honeymoon here. i don't think it lasted much longer than that. all those nice words and they fade right into the reality. what we don't know and what's hard for me to understand as i try to figure out the economics of this are the politics of a presidential election. at the end of the day, the balance of power remains almost exactly the same. does the fact the president won an election make his hand any stronger? does it make it the same? does the idea he's not running for office again improve his power or make him weaker? i don't really know the answer to that. i do remember president bush saying he had a mandate, and watching that mandate fizzle as he tried to do social security reform. i'm not sure there's been any progress at all as a result of this elect
john boehner coming out saying we are ready for you, mr. president, to lead us. the president saying i'm reaching across the aisle. and here he is today being adamant once again, i'm going to veto any legislation that does extend the cuts for anybody making more than 250 or $200,000. >> yeah, about a 72-hour honeymoon here. i don't think it lasted much longer than that. all those nice words and they fade right into the reality. what we don't know and what's hard for me to understand as i...
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Nov 12, 2012
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you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said and i think we'll have to do more of it. we heard the mandate in 2010 where it was a clear mandate cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a new tranche of fund to go greece. the leaders are not expected it to okay the fun
you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said...
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Nov 8, 2012
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remember this morning john boehner came out and he said some fairly friendly things regarding negotiating the fiscal cliff. if the democrats say some of those things, too, this market is in a position now where it needs to be convinced by lawmakers that there's nothing to fear. they're far from that right now. that could happen. i just don't think it is going to any time in the next couple weeks. that's why i think 2.5 seems reasonable target. >> jim, thank you. jim iourio. >>> to a "market flash." bertha coombs joins us. >> one of the major loelders in krispy kreme has been selling off quite a bit of his stake. the largest holder in krispy kreme with over a 10% stake, we've seen a number of these filings coming through. they filed in september saying they'd reduce their stake by a million shares. but today a lot of these filings come across the tape, they are showing that -- putting some pressure on the tape. >>> you can rent to own a couch. you can rent to own a car. you can rent to own a house. i wonder how far. you can fix your credit rating at the same time. if that weren't enough, c
remember this morning john boehner came out and he said some fairly friendly things regarding negotiating the fiscal cliff. if the democrats say some of those things, too, this market is in a position now where it needs to be convinced by lawmakers that there's nothing to fear. they're far from that right now. that could happen. i just don't think it is going to any time in the next couple weeks. that's why i think 2.5 seems reasonable target. >> jim, thank you. jim iourio. >>>...
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Nov 15, 2012
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important movements particularly republicans, john boehner coming out after the election, i get t revenues have to be part of the deal. as george suggested there will be arguments about how you get there but i think when i look at how the politics line up the leverage embedded in going over the cliff and what that means to the president and democrats will push us there. i just want to say macro economically, going over the cliff is a bad thing, no question about it, but going over the cliff and staying over the cliff is a lot worse than going over the cliff and kind of backtracking back up there. >> the bungy. >> the bungy jump. >> we talked about that. >> the slope, the fiscal slope. >> george, where are you on the actual rate itself? there was a conversation boehner said we'll put revenues on the table, keep it at 35%, we'll find the deductions and from the president the first time out he didn't talk about 39.6 and so there was this view amongst some who wanted to hear it somehow he was at the same place and boehner might be willing to do something. i was in d.c. yesterday and others, st
important movements particularly republicans, john boehner coming out after the election, i get t revenues have to be part of the deal. as george suggested there will be arguments about how you get there but i think when i look at how the politics line up the leverage embedded in going over the cliff and what that means to the president and democrats will push us there. i just want to say macro economically, going over the cliff is a bad thing, no question about it, but going over the cliff and...
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Nov 9, 2012
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i want to take you to a quick shot where john boehner is speak live. we'll try to stay with him as long as we can. you've got to figure whatever he's saying, the market is extremely sensitive to. >>> jcp experiencing a 26% fall in third quarter sales. our courtney reagan is back at hq with some numbers, courtney, that a lot of people couldn't believe. >> ouch, carl. there's not a lot of words to describe for this quarter. ron johnson and ken hannah remain as positive as ever in their presentation to the community this morning. jc penney losing 93 kreblcents share. the same-store sales falling 23%. now, with christmas just 45 days away, johnson says he know s everyone is excited how jc penney will survive. he said on friday, the day after thanksgiving, he'll run a sale because it's the american tradition. >> we're going to run a sale. it's going to be a doozy. we'll market it heavily and we'll have some of the lowest prices. >> beyond back friday, he'll continue to mold that pricing. they'll show many manufactured suggested price to help customers under
i want to take you to a quick shot where john boehner is speak live. we'll try to stay with him as long as we can. you've got to figure whatever he's saying, the market is extremely sensitive to. >>> jcp experiencing a 26% fall in third quarter sales. our courtney reagan is back at hq with some numbers, courtney, that a lot of people couldn't believe. >> ouch, carl. there's not a lot of words to describe for this quarter. ron johnson and ken hannah remain as positive as ever in...
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Nov 14, 2012
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boehner's been sending. >> we talked earlier this morning about what the "wall street journal" has at the top and the story that a lot of people have been talking about. laying out $1.6 trillion as the baseline for what he'd like to see. double where the talks left off back in the summer of 2011. is this just an opening bid and we expect it will be somewhere in the middle of those two numbers? >> that's what i expect. i don't think you start out by laying out your bottom line. and remember, that's a bottom line that he laid out publicly in september of 2011 after the grand bargain talks were concluded unsuccessfully. so this is -- this is basically no change in his position. and why would he change having just won an election? but i think you're going to see some back and forth. and if question is how much revenue can you get from closing deductions and loopholes and if so, what kind? and do rates need to rise in order to get the revenue you need to make a deal? and i think what he wants is some public assistance from business leaders who are concerned about the impact of the fiscal c
boehner's been sending. >> we talked earlier this morning about what the "wall street journal" has at the top and the story that a lot of people have been talking about. laying out $1.6 trillion as the baseline for what he'd like to see. double where the talks left off back in the summer of 2011. is this just an opening bid and we expect it will be somewhere in the middle of those two numbers? >> that's what i expect. i don't think you start out by laying out your bottom...
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Nov 12, 2012
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this was the secret negotiation between barack obama and john boehner last year. we don't know all of the pieces that were in it. they offered 8$800 billion in revenue and then on the spending cut side they offered $450 billion in cuts to medicare and medication and changes to the way social security benefits are calculated. a lot of things on the table here. big things both tax increases and spending decreases. it's going to take some combination of those to get to a deal here and it's sort of where they go on this menu of options that's going to lead to whether or not they have votes to do it on capitol hill. >> there's a detail there. cut through it for me if you will. a lot of people around seem to suggest that they're going to get this thing tied up really quite quickly. my concern is that obama is beginning to grandstand. if you look at who he's meeting with, it looks like he might be preparing for a huge fight for his legacy, which actually might push us further back than a lot of people have bargained for. >> what you'll see with obama meeting with progres
this was the secret negotiation between barack obama and john boehner last year. we don't know all of the pieces that were in it. they offered 8$800 billion in revenue and then on the spending cut side they offered $450 billion in cuts to medicare and medication and changes to the way social security benefits are calculated. a lot of things on the table here. big things both tax increases and spending decreases. it's going to take some combination of those to get to a deal here and it's sort of...
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Nov 16, 2012
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. >> you're not taking any heart in the conciliatory stuff that we've heard from john boehner and -- >> yeah, from boehner i am. the president has now painted himself -- painted those guys in to -- how many times has he drawn a line in the sand about that high right on 250. he's made a point and he can't possibly go back on that now, can he? >> i think he can. look, i think he's drawing a line on getting money from those people, there people making 250 and above. but he hasn't drawn a line on how he gets that money. he's said at his news conference i'm skeptical that you can do enough in loopholes and exclusions to get the money that we need for a deal from that group. but he also said i'm open to new ideas. so if there is in fact an effort to close some loopholes that gets you some of the way there, you can certainly see the president, i could anyway, compromising somewhere between 35 and 39.6 on a slightly higher rate. if shall be caomebody came up w source of revenue which didn't change the distribution of the tax burden, figure out a way to do it without a top rate. i kind of exp
. >> you're not taking any heart in the conciliatory stuff that we've heard from john boehner and -- >> yeah, from boehner i am. the president has now painted himself -- painted those guys in to -- how many times has he drawn a line in the sand about that high right on 250. he's made a point and he can't possibly go back on that now, can he? >> i think he can. look, i think he's drawing a line on getting money from those people, there people making 250 and above. but he hasn't...
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Nov 16, 2012
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president obama and john boehner almost got a deal in 2011. that's a place to pick up the discussions and i think you saw the president econfident there just winning the election there and house republicans back in the majority in the house and that's the dance to the finish line and i think they will. >> politico talked about whether or not the white house has learned its lesson in going into a room, a bunker, with the speaker, since it didn't work out the way they wanted last time around. do you think the president will be as involved or can he hand this off to someone else to negotiate? >> i think he'll be as involved. i think he'll be involved inside the room and outside of the room. the strategic turn the president made in fall of 2011 after the failure of the talks, he took the case to the public. i don't think he'll stop doing that. he'll try to keep the pressure on say i got mandate to raise taxes for people at the top. if you are willing to accept that, we'll get a deal. >> there code words you'll look for afterwards to see whether or
president obama and john boehner almost got a deal in 2011. that's a place to pick up the discussions and i think you saw the president econfident there just winning the election there and house republicans back in the majority in the house and that's the dance to the finish line and i think they will. >> politico talked about whether or not the white house has learned its lesson in going into a room, a bunker, with the speaker, since it didn't work out the way they wanted last time...
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john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every time they say fiscal cliff, you drink. they're right, but it's absolutely what matters. >> look at the stock market. did you see today what it's going to do? >> down again. >>
john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013....